Tunstall Real Estate Asset Management, the pan-European alternative investment management firm, has expanded the investment criteria for its debt fund DPO Fund 1 to eight further territories.
Launched in July 2017 with capital to invest up to €130 mln, Tunstall's first European debt strategy was originally focused on the Netherlands. It will now consider opportunities with borrowers across eight further geographies including Germany, Denmark, Sweden, Finland, Poland, France, Portugal and the Czech Republic.
'Having successfully deployed the first round of capital raised for the fund into restructured loans, we are now expanding our investment horizons in view of the broad appetite for the kinds of specialist solutions that we can provide and which are not otherwise readily available,' said Roger Clarke, chief executive of Tunstall.
'Our latest loan marks an exciting new addition to our offering and reflects our ability to work with borrowers to achieve financial solutions that mainstream lenders are unable to facilitate, positioning Tunstall as an attractive partner for many sponsors across Europe.'
The special situations debt fund supports sponsors owning good secondary or transitional assets, generally considering investments of between €2 mln and €20 mln, including the refinancing of NPLs through DPO transactions, whole loans at up to 80% LTV, mezzanine loans, bridge loans, certain development financings and preferred equity injections.
Most recently, Tunstall provided a Dutch residential developer with a €7.7 mln development loan to convert a former office property in The Hague into luxury apartments.